A switchgear maker founded just six years ago in McKinney, Texas, is being sold for $1.75 billion, as nVent Electric moves to grab a bigger slice of the boom in data center construction. Maverick Power, which employs roughly 900 workers across Texas and Arizona, makes low- and medium-voltage switchgear, switchboards, and integrated modular power distribution systems used to keep massive server farms running. The deal could grow even larger, with Maverick eligible for up to $550 million in additional payouts if it hits performance targets in 2027 and 2028.
The acquisition was announced yesterday, with nVent saying it plans to fund the purchase using cash on hand and newly arranged debt, according to Reuters. Investing.com reports that Bank of America is providing committed bridge financing to guarantee liquidity until nVent lines up permanent long-term debt. nVent, whose logo was displayed on the floor of the New York Stock Exchange when the company debuted there in 2018, said the transaction is expected to close in the fourth quarter of 2026, pending customary closing conditions and regulatory approval. Shares of nVent fell 1.3% in premarket trading following the announcement.
A Six-Year Climb From Startup to Billion-Dollar Target
Maverick Power's rise has been fast even by data center industry standards. Founded in 2020 by CEO Tom Currier, the McKinney-based company was named Dallas-Fort Worth's fastest-growing private company after posting a 5,789% three-year revenue growth rate and topping the 2024 SMU Cox Dallas 100 rankings, according to the same report from Dallas Innovates covering the company's early trajectory, which noted that Maverick overcame early capital constraints before landing a major commercial contract in 2021. The company is now projected to generate approximately $700 million in revenue during 2026, backed by a strong order backlog and forward demand visibility from data center operators, per figures included in nVent's own deal announcement.
Just weeks before the sale was announced, Maverick expanded its technology lineup with a new Static Transfer Switch platform engineered to deliver 4-millisecond power source transfers for mission-critical facilities in July, a product designed to prevent power interruptions in high-density data centers running continuous workloads.
The Price Tag, Broken Down
The $1.75 billion upfront price values Maverick at an enterprise value multiple of roughly 11.5 times estimated 2026 adjusted EBITDA, or 10.5 times when factoring in tax benefits, according to an analysis from Market Chameleon. nVent expects the deal to be accretive to adjusted earnings per share in its first year. Beyond the upfront payment, Maverick may receive additional cash consideration tied to performance targets reaching into 2027 and 2028, with that earnout structure capped at $550 million and designed to keep Maverick's leadership incentivized through the transition, per the acquisition terms outlined by nVent.
Part of a Broader Buying Spree
The Maverick deal is the latest in a string of large acquisitions nVent has made as it consolidates its position across the electrical power supply chain. The company bought ECM Industries for $1.1 billion in 2023, Trachte for $695 million in 2024, and Avail Infrastructure Solutions' Electrical Products Group for $979.6 million in May 2025, according to an analysis published on Medium that traces nVent's multi-year acquisition strategy targeting switchgear, modular control buildings, and heavy power connectors. To help fund this shift, nVent agreed in August 2024 to sell its legacy thermal management division — including its Raychem and Tracer product lines — to Brookfield Asset Management for $1.7 billion, a sum that closely mirrors the price tag on Maverick, per background compiled by Wikipedia.
nVent was formed on May 1, 2018, through a spinoff from Pentair plc, establishing its legal domicile in London while keeping U.S. operational headquarters in St. Louis Park, Minnesota. Beth Wozniak, formerly head of Pentair's electrical business, became nVent's CEO upon its NYSE debut under the ticker NVT, per the company's own founding announcement. The company said it plans to use the Maverick acquisition to expand its presence in the AI infrastructure market and strengthen its offerings to data center customers, adding power distribution capabilities as computing loads climb.
Riding the Same Wave as St. Louis Park
The Maverick purchase comes just weeks after nVent reported it had already been riding a wave of AI-driven demand. According to Hoodline, nVent's AI cooling sales boom saw the company post $3.9 billion in total revenue in 2025, a 30% year-over-year increase driven by demand for AI server cooling gear and power protection systems. That growth had already prompted nVent to expand manufacturing facilities in Blaine and Anoka, Minnesota, adding more than 325 regional jobs to keep pace with order volume. Companies across the sector are increasing investment to support the expansion of AI computing capacity, and nVent's latest move suggests that trend still has room to run.
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